Tri City Detached Home Listing Comparison:
The Tri Cities are an informal grouping of the three adjacent cities of Coquitlam, Port Coquitlam, and Port Moody. The Tri Cities also includes the two villages of Anmore and Belcarra. The entire area is located in the northeast sector of Metro Vancouver, and combined, these five communities have a population of roughly 234,000 residents. With vibrant culture, abundant natural beauty, a central location, and a drive to continually evolve and elevate...it is a fantastic place to look for a home.
All statistics below were gathered on January 23rd and compared with November 9th meaning the findings represent the markets overall shift in the last 75 days.
Click Here for November detached statistics comparison to September
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Number of detached listings;
- Port Coquitlam: 71 (down 12)
- Coquitlam: 160 (down 88)
- Port Moody: 43 (down 18)
Summary:
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Last time we checked in the fall market was underway. Aside from Coquitlam seeing an uptick in new construction the number of listings across the Tri City area was marginally down. Now we are in the doldrums of January and the number of active listings has reduced even further; there has been a (roughly) 15-35% reduction in active listings since our November update. What’s more, both Port Coquitlam and Port Moody have had a very low number of new listings in 2024; Port Moody with only 8 and Poco with 15. In terms of sales of homes that came to market in 2024, Coquitlam has seen on 5, Port Coquitlam 1, and Port Moody 0. Number of listings are down, and sales are slow.
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List Price:
Port Coquitlam:
- High - $4,999,900 (high density zoned lot)
- Low - $1,189,900
- Average -$1,877,043 (up $75,635)
- Median - $1,799,000 (up $119,100)
Coquitlam:
- High - $8,000,000 (potential townhouse development)
- Low - $849,900 (smaller home, development lot)
- Average -$2,518,492 (up $131,130)
- Median - $2,349,350 (up $150,950)
Port Moody:
- High - $9,000,000 (waterfront)
- Low - $1,395,000 (hilly, forested lot)
- Average -$3,474,451 (up $172,017)
- Median - $2,599,900 (up $1,900)
Summary:
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With this update it is more difficult that ever to accurately judge the fluctuation in median/average prices in the Tri City area. Yes both have increased across the board, however, days on market have dramatically increased and the number of active listings has decreased fairly substantially. What we may be seeing is all of the lower priced listings having sold off at the end of 2023 with the more niche expensive properties remaining and very little new active listings…sellers may be temporarily holding off to see how the first quarter of 2024 unfolds. Because of these factors the raw statistics give the impression that the market is greatly increasing in price…when in reality there is simply a disproportionate number of listings of larger, new, or recently updated homes.
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Days on Market:
Port Coquitlam:
- High - 736
- Low - 3
- Average - 95 (up 7)
- Median - 61 (up 9)
Coquitlam:
- High - 1051
- Low - 0
- Average - 117 (up 46)
- Median - 88 (up 44) -doubled since last update
Port Moody:
- High - 334
- Low - 0
- Average - 88 (up 24)
- Median - 75 ( up 24)
Summary:
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After seeing relatively stable days on market for the past 3+ months this update saw a drastic increase across the Tri Cities. Coquitlam saw the largest bump as days on market literally doubled as the number of active listings plummeted. While Port Coquitlam saw the smallest increase it previously had the largest increase in our November update due, at least in part, to a sizable pricing increase in the fall market. Regardless of how we arrived here the bottom line is that the current market is slow. Buyers may be holding off for the whispered interest rate reductions that loom further down the road this year.
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Overview:
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While the fall market was split, prices fluctuated with the number of listings available; and while days on market did increase, they quickly settled in to a new status-quo. Much of free-flowing change experienced during the last quarter of 2023 has settled in to a slow start to the year. There is a unanimous consensus in the area—number of listings are down and days on market have drastically increased. While the two aforementioned changes have resulted in a temporary increase to both median and average price in all three markets the question now becomes will this increase hold? Or will higher priced homes eventually reduce, and/or sell, and be replaced by more moderately priced product as the year moves towards spring? Another big unknown is when/if an interest rate decrease will come; and if buyers will really hold out until we find out a definite answer? Regardless, 2024 is off to a slow start. Market is saturated with sellers and low on buyers.
Are you looking to purchase a detached home in the Tri Cities? Let us know the particular area and style of home you are looking for and we will keep an eye on the market for you and let you know when your perfect home is listed.
Let our knowledge and expertise ease your mind, so you don't have to stress over the details. We are here to make your life easier!